This blog is a collection on my ramblings on Economics. I plan to write on current economic issues, recent research (sometimes mine, but more often others’), and issues of interest to economists. As I am writing from Turkey, I will try to focus more on the Turkish economy. While I will write in English, I will refer to articles in Turkish and might occasionally invite a guest blogger to write in Turkish. So, apologies for the semi-bilingual nature of the blog if you do not speak Turkish...

Monday, June 28, 2010

The following is from IMF's Morning Press, a daily email summary of Economics news:

The IMF estimates that global growth in five years would expand 2.5% faster if the U.S. and other wealthy countries slash budget deficits more deeply than they are planning, and if China and other large emerging countries do more to boost domestic consumption. The IMF exercise, conducted at the request of the G-20 nations as part the group's rebalancing effort, G-20 countries were divided into three groups: advanced countries with trade deficits, European countries with trade surpluses and emerging countries with trade surpluses. Countries with big deficits, especially the U.S., are supposed to import less and save more, while those with trade surpluses, especially China, Europe and Japan, do the opposite. (WSJ)

Maybe, there should a be a fourth group, emerging countries with trade deficits, with one member, Turkey, in it:) Honestly, I have no idea into which group they have placed my beloved country.